News

ATO, SMSF, SuperStream

Push to use SuperStream needed

SuperStream Rollovers SMSF self-managed superannution ATO ASF Audits Shelley Banton ACIS

Auditors are finding SMSF trustees are still not using SuperStream for rollovers out of their fund and the failure to do so will be reported as a breach to the ATO.

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Investments, Platforms

Ausiex launches global trading platform

Ausiex International Markets Trading platform Brett Grant

Ausiex has introduced a new solution designed specifically for financial advisers looking to provide their clients with direct access to international investment opportunities.

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Administration, SMSF

Exit plan an essential element

SMSF Exit plan Wind-up Deed

Trustees who decide an SMSF is no longer a viable option as a retirement savings vehicle can benefit greatly from formulating an exit plan.

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Accounting, Compliance, Superannuation

Bookkeeping can add compliance risk

SMSF Self-managed superannuation fund Excess contribution Illegal early access Loan Classification Condition of release

The incorrect classification of money withdrawn early from superannuation can lead to additional compliance issues for SMSF trustees.

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Compliance, Regulation

Online banking driving Reg 4.09A breaches

online banking separation of assets breaches SIS regulation 4.09a SMSF Self-managed superannuation Shelley Banton ASF Audits ACIS

SMSF auditors are finding more trustees are breaching the separation of assets rules, with the rise of online banking a key driver behind the errors.

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AAT, ATO, Compliance, Contributions, Superannuation

Divorce doesn’t alter contribution rules

Non-concessional contribution Divorce AAT Total superannuation balance ATO Special circumstances

The AAT has upheld an ATO decision that divorce-related superannuation splits are not special circumstances that alter how contribution caps will be applied.

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Retirement

More seniors working in retirement years

Association of Superannuation Funds of Australia ASFA Mary Delahunty Working in retirement superannuation

A substantial portion of older Australians are working beyond retirement age, prompting a call for more adaptable policies to accommodate this shift.

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Appointments

Auditors Institute adds new director

The Auditors Institute Augmented Audit Co Jessica Johl board of directors

The Auditors Institute has appointed a Gold Coast-based auditor as a board director as part of its plans to represent practitioners working inside and outside of the SMSF space.

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ECPI

Default ECPI calculation possible

ECPI method SMSF exempt current pension income Tim Miller Smarter SMSF

A default option will apply if trustees don’t make a deliberate choice as to how an SMSF’s ECPI is calculated in certain situations.

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Retirement, Superannuation

Gain or reward key to proof of work

condition of release retirement superannuation gainful employment SMSF Institute of Financial Professionals Australia IFPA Natasha Panagis

To meet a condition of release using the definition of retirement, the relevant employment situation must have an associated gain or reward.

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